Bitcoin climbs back to $90,000 as Trump drops tariff threat following NATO meeting

Crypto markets swung higher on Wednesday after former President Donald Trump signaled progress in talks over Greenland.

“Based upon a very productive meeting that I have had with the Secretary General of NATO, Mark Rutte, we have formed the framework of a future deal with respect to Greenland and, in fact, the entire Arctic Region,” Trump said in a Truth Social post. “This solution, if consummated, will be a great one for the United States of America, and all NATO Nations.”

He added that he would not move forward with the threatened tariffs on EU nations, previously scheduled for Feb. 1.

Bitcoin, which had fallen to around $88,000 earlier in the session, briefly surged above $90,000 following the announcement before dipping again near $87,000 and quickly reclaiming $90,000.

U.S. equities rose alongside crypto, with the Nasdaq and S&P 500 each climbing about 1.3% to session highs. Precious metals, which had been supported by trade-related buying pressure, pared earlier gains, with gold returning to flat at $4,770 per ounce.